BURLESON, TEXAS — Self-storage brokerage firm Bellomy & Co. has arranged the sale of I-35 Storage in Burleson, a southern suburb of Fort Worth. The property spans 55,531 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a locally based limited liability company, in the transaction. Aaron Palmer of Modern Mountain Real Estate represented the buyer, Raleigh, N.C.-based 10 Federal.
PORTER, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Porterwood Apartments in Porter, located north of Houston. According to Apartments.com, the property was built in 1984, totals 136 units in one- and two-bedroom floor plans and offers amenities such as a pool, playground, picnic areas and onsite laundry facilities. Bryce Smith of TMG represented the buyer and seller, both of which requested anonymity, in the deal.
MINNEAPOLIS — Monarch Alternative Capital LP and Crestlight Capital have acquired a portfolio of three office buildings in the North Loop submarket of Minneapolis for an undisclosed price. The properties are located at 241 N. 5th Ave., 411 Washington Ave. and 500 N. 3rd St. Swervo Development Corp. was the seller and developer for all three buildings. The new owners plan to invest in branding and amenities for the properties. Monarch is an investment firm with approximately $9 billion of assets under management, and Crestlight is a Detroit-based private equity real estate investment firm with roughly $500 million in assets under management.
DOWNERS GROVE, ILL. — Bridge Development Partners LLC has acquired a 9.2-acre site at 5300 Belmont Road in Downers Grove, a southwest suburb of Chicago. Bridge will develop Phase III of Bridge Point Downers Grove at the site. Construction is scheduled to begin this summer following the demolition of an existing building. Plans call for a 126,445-square-foot industrial building with a clear height of 32 feet, 13 exterior dock doors, two drive-in doors, a 130-foot truck court and parking for 137 cars. Completion is slated for the fourth quarter. Sean Henrick and David Friedland of Cushman & Wakefield represented Bridge in the transaction. CBRE represented the undisclosed seller.
CINCINNATI — NorthMarq has arranged a $4.6 million loan for the refinancing of a rental housing portfolio comprising 50 units throughout Southwest Ohio. The portfolio included 26 single-family rental homes as well as one apartment property. Noah Juran and Chase Dawson of NorthMarq’s Cincinnati office arranged the 10-year loan, which features a 20-year amortization schedule and a 75 percent loan-to-value ratio. A regional bank provided the fixed-rate loan.
RED OAK, IOWA — Bellomy & Co. has brokered the sale of Hawkeye Storage in western Iowa’s Red Oak for an undisclosed price. The Class B self-storage facility includes 189 units and spans 29,120 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy represented the seller, THR Storage LLC. The duo also procured the buyer, Dougherty Storage LLC.
TROY, MICH. — Turbo Mortgage Funding 2 LLC has signed a 2,800-square-foot office lease at North Troy Corporate Park in Troy. Jordan Friedman of Friedman Real Estate represented the tenant in the lease transaction. Robert Gagniuk and Marc Hames of Friedman represented the undisclosed landlord. Turbo Mortgage Funding is a Farmington Hills, Mich.-based mortgage broker.
NEW YORK CITY — The Rudin Family, a locally based owner-operator, has launched a multimillion-dollar capital improvement program at 3 Times Square, a 30-story office tower in Midtown Manhattan. The program will include the creation of a new three-story lobby, touchless entry mechanisms, upgraded elevator systems and dedicated amenity space on the 16th floor. The new amenity deck will feature a coffee bar, fitness center with locker rooms, outdoor dining spaces and a conference and event center that can hold up to 220 people. The 885,000-square-foot building was originally completed in 2001 as the North American headquarters of Reuters Group PLC. Rudin has tapped FXCollaborative, which originally designed the building, as the project architect. Cushman & Wakefield will handle leasing of the redeveloped building. An expected completion date was not released.
LAWRENCE, MASS. — Boston-based Berkeley Investments has purchased two light industrial buildings totaling 340,000 square feet at 246 and 250 Canal St. in Lawrence, a northern suburb of Boston. Andrea Management sold the assets, which were originally built as commercial mills, to Berkeley Investments for an undisclosed price.
DARIEN, CONN. — Boston-based mortgage banking firm EagleBridge Capital has arranged $14.7 million in mortgage financing for Darien Crossing, a 77,000-square-foot office complex in Darien, located in the southern coastal part of the state. Darien Crossing consists of three buildings on 5.2 acres that were recently renovated to offer a new café with indoor and outdoor seating, as well as a new fitness center and conference facility. Brian Walsh of EagleBridge Capital arranged the loan through an undisclosed national lender. The borrower was also undisclosed.
